Nigeria: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Nigeria

The Nigerien market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver soared to $X in 2022, picking up by 59% against the previous year. Overall, consumption, however, recorded a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Nigeria

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted modestly to $X in 2022 estimated in export price. Overall, production saw a noticeable contraction. The pace of growth was the most pronounced in 2013 with an increase of 45% against the previous year. Production of peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Nigeria

In 2022, after two years of decline, there was significant decline in shipments abroad of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, when their volume decreased by 99.9% to less than X kg. Overall, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 100% against the previous year. Over the period under review, the exports of attained the maximum at X kg in 2021, and then shrank remarkably in the following year.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver surged to $X in 2022. Over the period under review, exports, however, posted a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X kg) and Thailand (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Nigeria.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of 0.0%).

From 2012 to 2021, the average annual rate of growth in terms of value to Italy was relatively modest.

Export Prices by Country

The average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per ton in 2021, remaining stable against the previous year. In general, the export price saw a pronounced contraction. The most prominent rate of growth was recorded in 2016 when the average export price decreased by -20.2% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Thailand totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+3.0%).

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Nigeria

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Nigeria was estimated at X kg in 2022, almost unchanged from 2021 figures. In general, imports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2014 when imports increased by 157%. As a result, imports reached the peak of X kg. From 2015 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver contracted to $X in 2022. Over the period under review, imports recorded a sharp shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 1,149%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

China (X kg), India (X kg) and the United States (X kg) were the main suppliers of imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Nigeria, together comprising 57% of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in China exceeded the figures recorded by the second-largest supplier, India, twofold.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +7.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Nigeria, comprising 63% of total imports. The second position in the ranking was held by China ($X), with a 30% share of total imports. It was followed by Italy, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled -22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.2% per year) and Italy (-14.1% per year).

Import Prices by Country

The average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X per kg in 2022, declining by -11.2% against the previous year. Over the period under review, the import price continues to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 386% against the previous year. As a result, import price attained the peak level of $X per kg. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per kg), while the price for the United States ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-12.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :